<\/p>\n
VeChain is a layer-1 enterprise blockchain ecosystem focused on\u00a0supply chain tracking<\/a>. As such, its common use cases include provenance, authenticity, anti-counterfeiting, and digital assurance solutions for\u00a0the food and beverage industry<\/a>\u00a0as well as luxury products.\u00a0\u00a0<\/p>\n The company has recently\u00a0announced<\/a>\u00a0a multi-year sponsorship agreement worth $100 million with the Ultimate Fighting Championship (UFC). Another partner is Alchemy Pay,\u00a0a fiat-to-crypto bridge<\/em>, which enables payments with VeChain\u2019s native token in over 2 million stores.\u00a0<\/p>\n VeChain uses the public blockchain VeChainThor which deploys a two-token economic model. The primary token is VET (VeChain Token<\/em>), which is used for value transfer within the ecosystem. It functions similarly to native tokens of other blockchains. The second token, VTHO (VeThor Token<\/em>), is for transaction payments.<\/p>\n The cost of using a blockchain depends directly on the native token\u2019s market valuation. This is a significant obstacle to blockchain\u2019s widespread adoption, particularly by big enterprises and businesses, VeChain\u2019s primary customers<\/em>, which require payment costs to remain as stable as possible. That\u2019s why the company uses two different tokens. If the price of VTHO increases, the gas price decreases, keeping the total transaction costs stable.\u00a0<\/p>\n VeChain\u2019s blockchain adopts a\u00a0proof-of-authority<\/a>\u00a0consensus algorithm which verifies network participants\u2019 identities to reach consensus. It\u2019s a reputation-based algorithm and requires a limited number of validators. Consequently, it\u2019s highly scalable, fast, and energy-efficient.<\/p>\n Because it was built to enable enterprises to track supply chain operations, VeChain\u2019s ecosystem is particularly suitable for creating NFTs that link digital with physical products by applying NFC and IoT technologies. The company offers such solutions for B2B customers. On the other hand, there are also VeChain-based NFT collectible projects and marketplaces that we are accustomed to seeing in web3 culture.\u00a0<\/p>\n Some of the VeChain collections that caught public attention include\u00a0VeeKings<\/a>,\u00a0Metaversials<\/a>,\u00a0Doppelganger<\/a>, and\u00a0Shredderz<\/a>. Two play-to-earn games built on VeChain worth mentioning are\u00a0Metatun<\/a>\u00a0and\u00a0Satoshi Dice<\/a>.\u00a0<\/p>\n The most popular NFT marketplace on VeChain is\u00a0VeSea<\/a>. To buy, sell, and store NFTs on VeSea, you need a VeChain-compatible wallet. VeSea accepts\u00a0VeChainThor Wallet<\/a>\u00a0and\u00a0VeChain Sync2<\/a>. In addition, there are no gas fees on VeSea, thanks to the efficiency of the underlying blockchain. However, there\u2019s a 2.5% trading fee. Currently, the marketplace offers up to a 100% discount if you hold an asset from one of the two popular NFT collections:\u00a0VeKings<\/a>\u00a0and\u00a0Paper Project<\/a>.\u00a0<\/p>\n The platform strives to position itself as a\u00a0premium<\/a>\u00a0market and welcomes new NFT projects via its launchpad by providing full minting support. Furthermore, NFT holders from the projects launched in this way will be able to\u00a0stake their NFTs<\/a>\u00a0in the upcoming creator ecosystem.\u00a0<\/p>\n Another VeChain NFT marketplace is\u00a0World of V<\/a>. It\u2019s compatible with Sync2 wallet. It\u2019s a zero-fee platform thanks to the application of a fee-delegation mechanism. World of V also builds partnerships to develop custom-made NFT solutions. The current partners include blockchain Fintech company Safehave.io and Mad V-Apes, an upcoming VeChain metaverse.\u00a0<\/p>\n On\u00a0Vechain.tools<\/a>, you can explore VeChain NFTs and compare statistics like floor prices between different collections. A multichain NFT\u00a0bridge<\/a>\u00a0for VeChain users is also available.<\/p>\n NFT recycler from the VeSea marketplace allows exchanging an old NFT for a new one from the NFT Recycler smart contract\u2019s inventory. Users need to burn 4 VSEA tokens,\u00a0the native token of the marketplace<\/em>.\u00a0<\/p>\n Another noteworthy VeChain project is\u00a0VeFam<\/a>, an incubator for VeChain GameFi projects. Currently, it supports two games: Zombie Defense and VPunks Arena.\u00a0<\/p>\n 3DAbles is a dapp that enables NFT holders to create AI-powered NFTs on top of existing ones by using the\u00a0scenes<\/a>\u00a0provided by the contributing artists. As a result, the dapp offers a way to earn passive income from NFTs, which otherwise stay dormant in the wallets.\u00a0<\/p>\n<\/div>\nVeChain\u2019s dual-token economy<\/h2>\n
VeChainThor\u2019s consensus mechanism<\/h3>\n
VeChain NFTs<\/h2>\n
NFT marketplaces powered by VeChain<\/h3>\n
Other notable NFT applications<\/h3>\n